No, what they have to say is "I enjoy the job, but I feel that I can get paid more elsewhere; have you considered re-leveling my comp so it reflects the value I

No, what they have to say is "I enjoy the job, but I feel that I can get paid more elsewhere; have you considered re-leveling my comp so it reflects the value I add to the company?" Don't need a competing offer. Don't need to threaten to leave. Just a "hey, re-level me please", and then a decent manager will either say "you're at the right level, if you can make more elsewhere go for it" or "you're right, you're under market comp, let's fix that."